VPs and Directors in tax departments are always looking for ways to shave time off of their close so they can focus on more value-add activities. And, it’s no secret that having better access to data allows for a faster close of the books. We’re seeing the trend towards accelerated provision close times, down to 1-3 day(s) instead of the two weeks or so, that were common in years prior.
If you’re like the majority of tax professionals looking to get to the data faster and streamline your processes, listen to best practice tips I’ve shared in a recent discussion with WebCPA.
According to a recent Thomson Reuters poll of tax professionals, nearly half of respondents – 47 percent – indicated their biggest challenge around year-end was related to last-minute adjustments.
Here’s Five Simple Ways to Ease Year-End Headaches
– Step 1: Dissect the year-end process
– Step 2: Define roles and responsibilities
– Step 3: Determine what has already been calculated
– Step 4: Collect non-trial balance information
– Step 5: Streamline the reporting process